On the JRE podcast, Reggie Watts tried to clear up Joe’s confusion about the world of NFTs and cryptocurrency — but that wasn’t as easy as it might have seemed.
NFTs are one of the latest crazes in the crypto space, with some selling for millions of dollars, and stars like Logan Paul jumping on the hype with some of their own. However, NFTs are proving to be a rather baffling topic for many — including Joe Rogan.
After the topic of NFTs came up on episode 1648 of the JRE podcast with guest Reggie Watts, Joe immediately took the opportunity to try and gain a bit more insight into the confusing topic.
“Hold, please. Explain NFTs to people that don’t know what you’re talking about,” he said. “Because I don’t know what you’re talking about. I do, but I don’t. I know it’s a Non-Fungible token. I’m not exactly sure what that means.”
They ended up having to Google the word ‘fungible’ to try and break down the meaning of the acronym: “Of goods contracted for without an individual specimen being specified) replaceable by another identical item; mutually interchangeable.”
But looking up the definition only seemed to make things worse, with Rogan responding, “okay, I understand it even less now.”
Reggie then decided to take his own approach in trying to explains NFTs to the podcaster. “I’ve made a 30-second video of me running around a park or something like that,” he began. “If I wanna make that non-fungible, then I mint it. And by minting I mean you use a minting service like Foundation or Zora, there’s many others.”
“You get a crypto wallet, you get the crypto wallet set up. You put money in it, it’s converted into the crypto of your choice. Let’s say ETH, which is very popular. Ethereum.”
However, the mention of the cryptocurrency only seemed to confuse Joe more, seeming to have never heard of it before.
He described the fact that people like Beeple have sold NFTs for up to $69 million as “stunning” and asked: “How would you go about being actually rich with this. Like how does Beeple go from this to being a baller?”
Reggie explained: “Well you know they bid, whoever bids, just like a regular auction, and then they bid using crypto, and the crypto’s transferred before they transfer the file.”
It’s not clear whether Joe was any less confused on the subject by the end of the conversation, but it seems as the viewers were in the same boat, with one YouTube commenter writing, “this video was supposed to clear up NFT, now I’m more confused.”
The Joe Rogan Experience podcast recently finally moved to a new studio in Texas, with the design looking more like his original studio that many fans loved before he moved to his previous temporary studio.